Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
There are two types of people in all walks of life.
The first type do not know what is the best way they should approach the task at hand.
The second type know the best ways and when, and when not, to use each way.
Trading is no different!
It all depends if you learned anything from the first 100 pages?
We all make mistakes in life..the real fools do not learn from them!
Trading is a losers' game..not a winners'
There is one very important thing that every serious trader should learn to understand..do you have any idea what it might be?
I learned a thing or two. It kind of re-enforced some of my own personal market observations on the ES. Buy Low Sell High.... Figuring out the approximate low and high for the day and actually trusting my analysis is what I am struggling with.
Why do you think you need to figure out the approximate L &H for the day?
What type of "analysis" are you talking about?
I look at the hourly chart and I try to figure out where buyers or sellers will come in and overwhelm the market and my goal is to join in at that time and the edges of the range. Usually its around previous pivot points or s/r what ever your want to call it. Then when we get to that area I stare at the dom and the price action to try to figure out if it will hold or not. Some days I can call the low and high of the day within a point but other days I am totally wrong. I am not profitable but I can see that market doesnt move randomly. It moves level to level in a stair step type pattern, coming back to re-test support lost or support gained (resistance turn support and vice versa). I dont really believe in patterns or back testing. I want to learn to read the market and anticipate where participants will step in and reverse the market and joint that order flow.
So let us have a look at the hourly and try and see what you sometimes see?
We will ignore the DOM for now, but what you said makes sense in that when price reaches a major level you look at the DOM to try and work out if momentum will pick up so that price either breaks or reverses.
What are you seeing here?
We will ignore the DOM for now, but what you said makes sense in that when price reaches a major level you look at the DOM to try and work out if momentum will pick up so that price either breaks or reverses.
What are you seeing here?